Smith Anderson Advises First Citizens Bank on Acquisition of 138 Branches Nationwide

Smith Anderson advised longtime client First-Citizens Bank & Trust, a subsidiary of Raleigh-headquartered First Citizens BancShares, Inc. (Nasdaq: FCNCA), in its acquisition of 138 branches from BMO Bank N.A., a significant transaction that expands the bank’s footprint across the Midwest, Great Plains, and Western United States.

The transaction included the assumption of approximately $5 billion in deposits and $650 million in loans, as well as the acquisition of the real estate and infrastructure associated with each acquired branch. The acquisition expanded First Citizens’ network to more than 600 branches and offices nationwide, representing another significant step in the financial institution’s continued national growth strategy and extending its presence into several new markets.

The nearly year-long transaction required extensive coordination across multiple practice areas. Smith Anderson attorneys served as lead counsel to the bank, advising on corporate and real estate matters associated with the acquisition, including significant due diligence and the transfer of leases, deeds, and other real estate interests across the 138-branch network.

The Smith Anderson team advising First Citizens in the acquisition was led by Jason Martinez and Nick Zanzot on the corporate side, and Davis Roach and Melissa Schluter on the real estate side, with support from several additional members of the firm: Travis Hockaday, Caryn McNeill, Kara Brunk, Steve Parascandola, Sharita Whitaker, Steve Mason, Brad Daves, Alex Bowling, Tyler Cook, Robert Sands, Seth Berliner, Sidney Wiswell, Joe Fields, Lauren Cullipher, and Lisa Young.

Read First Citizens Bank’s announcement for additional information.